Citizens' Issues
Disclose all overseas assets to banks: SC tells Mallya
New Delhi : The Supreme Court on Tuesday directed beleaguered liquor baron Vijay Mallya to disclose all the overseas assets held by him and his estranged wife and children to the banks which are seeking the recovery of more than Rs.9,000 crore in the principal and interest, loaned to his now-grounded Kingfisher Airlines.
 
The direction came after the court noted the unwillingness of Mallya to return to India and personally apper before it. 
 
The banks would act on the disclosures in accordance with law, the apex court bench of Justice Kurian Joseph and Justice Rohinton Fali Nariman said, directing the disclosure of the assets Mallya holds abroad. 
 
The court also directed the Bengaluru-based debts recovery tribunal to dispose of the matter pending before it expeditiously, possibly within two months.
 
The court recorded the statement of senior counsel C.A. Vaidyanathan that these assets held by Mallya, his estranged wife and children were not covered under the personal guarantee given by Mallya to the banks to return the loans that the consortium of 13 banks, headed by the State Bank of India (SBI), to his now-grounded Kingfisher Airlines.
 
The court also recorded a submission by Attorney General Mukul Rohatgi, reserving his right to refute the submission made on behalf of Mallya.
 
Mallya had submitted the details of the overseas assets held by him and his estranged wife and children in a sealed cover to the court.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

‘P Chidambaram and his son Karti Chidambaram linked to massive pay-offs’

Karti Chidambaram got the front persons (benamis) to execute Wills where he is the beneficiary of the shares after their lifetime, according to a report in the New Indian Express

 

The New Indian Express, under the byline of S Gurumurthy, who played a lead role in the Reliance investigations of the 1980s, has published a damning expose, which claims to link former finance minister P Chidambaram and his son Karti Chidambaram to massive pay-offs through various front persons or benami names. 
 
Gurumurthy writes, “The New Indian Express has unearthed a devastating piece of evidence, which nails forever the lies of the father and son duo that Advantage Strategic Consulting Private Limited (Advantage), which has amassed huge wealth in India and in different countries, belongs not to them or their family, but to their friends”.
 
He goes on to allege that Karti Chidambaram had got the front persons (benamis) to execute Wills where he is the beneficiary of the shares after their lifetime. These Wills, were apparently found in Karti Chidambaram’s custody during joint raids conducted by the Income Tax and Enforcement Directorates.
 
Mr Gurumurthy claims to have copies of the Wills, through “confidential sources” and says that it explains how “the ownership of Advantage and its global wealth is held through benamis of Chidambaram’s family” and brings out their “illegitimate financial empire”.  
 

User

COMMENTS

rajivahuja

1 year ago

I'm not surprised at all.

RAVI RAM PV

1 year ago

Doesn't matter. As with the others, they too, will get away.

TIHARwale

1 year ago

Indian law about writing a Will is very clear --that a person can make any number of Wills in his life time and the last one executed before death only holds good and the rest hold no significance in the eyes of law. Don't expect Chidambaram would be a fool to believe that the "wills" the hold will never be altered by writer of will. Gurumurthy hailing from a State where top cop name Black Pearl was notorious for planting narcotics on rivals to implicate on his masters behalf might have tried the same trick.

Leslie Menezes

1 year ago

After exposure what next. This is not something that was not known all along. What about some of the bureaucrats then in the FinMin. All of them should be nailed and hauled. But who will do it. Modi and his promise of black money is like any other manifesto

PRABAL BISWAS

1 year ago

How is the former finance minister related to VASAN EYE CARE?

Ravi Patnaik

1 year ago

The Nexus between politicians and lawyers mostly facilitates corruption. But a family of eminent lawyers who are also politicians affiliated to the ruling dispensation is surely into big money deals.
Going by Gurumurthy's revelation, the lives of those "front" people (benaami) are under serious threat!

Fire destroys natural history museum, minister orders audit

According the officials, almost everything including the collection and documents on display in the museum, was destroyed

 

A massive fire destroyed the National Museum of Natural History (NMNH) here early on Tuesday, reducing its priceless collection including fossils to ashes, officials said.
 
The shocking devastation forced Environment Minister Prakash Javadekar to order an urgent fire audit of all museums across the country as it emerged that the fire fighting system failed to work at the museum.
 
The blaze erupted around 1.50 a.m. and quickly spread in the multi-storey building which housed the museum, just across the Nepalese embassy and around three kilometres from the Parliament House.
 
"The museum was on FICCI property. We will assess the damage as soon as we (can) and see how we can restore it," said a stunned Javadekar.
 
Museum officials were more forthright.
 
"Everything has been damaged, some by fire, some by gases and some by the water used to douse the flames," an official said on the condition of anonymity.
 
Added Vikas Rana, a museum official: "The museum had many fossils and species. Everything is lost... Around 3,000 children from Delhi and nearby regions used to visit it daily."
 
Some 35 fire tenders battled the leaping flames, bringing the fire officially under control by about 6 a.m. By then, virtually nothing in the museum of importance could be saved.
 
Delhi Fire Service chief G.C. Mishra blamed "an electrical gadget" for the inferno.
 
"No human intervention was involved in causing the fire that started from the seventh floor. However, we have completely doused the fire but cooling operation is still on," Mishra told IANS.
 
Five fire fighters were rushed to hospital after being injured while trying to contain the blaze.
 
Then prime minister Indira Gandhi initiated the idea of the museum in 1972 on the occasion of the 25th anniversary of India's independence.
 
She desired a museum to depict India's flora, fauna and mineral wealth to provide an out of school facility for education of children and to promote environmental awareness among the masses, according to the museum's website.
 
The museum opened in June 1978, coinciding with the World Environment Day.
 
It had both permanent and temporary galleries, and provided guided tours by trained educational assistants.
 
Gallery 1 portrayed the origin and evolution of life and the variety and diversity of the flora and fauna in India.
 
Gallery 2 gave an overview of major eco-systems of the world, role of plants as primary producers, food chains, and interrelationship among plants, animals and human beings.
 
Gallery 3 dealt with many aspects of conservation of nature.
 
The museum provided opportunities to children to handle and examine specimens, participate in creative activities such as modelling and painting and exploration of discovery boxes.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Online Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine)